Kondaur Capital Corp., Orange, Calif., is the winning bidder on a 1,000 unit nonperforming mortgage portfolio auctioned off by the Department of Housing and Urban Development.
"We won the bid about a week ago," said Kondaur CEO Jon Daurio, adding that the sale is expected to close some time next week. No purchase price was disclosed, nor were other details available at press time.
Kondaur would not say how many of the loans were FHA or VA backed.
A HUD spokesman said he had no information about the auction. The offering was not widely publicized.
Bidders had to post a 10% cash reserve upfront.
Last month Kondaur revealed plans to slash its staff by 39%, saying it was having a hard time finding enough available product to purchase. But with the new acquisition, Daurio told National Mortgage News that he may be rescinding some of those layoffs.
